Union Government approved Constitution of Banks of Board Bureau

Feb 29, 2016 10:40 IST

Prime Minister Narendra Modi on 28 February 2016 approved the proposal of the Department of Financial Services for the constitution of the Banks Board Bureau (BBB). The BBB will start functioning from 1 April 2016.

The Bureau constituted with an aim to improve the Governance of Public Sector Banks (PSBs) will be chaired by former CAG Vinod Rai. In addition to the Chairperson, the autonomous body will have ex-officio members and three expert members. All the Members and Chairman will be part time.

The expert members are Anil K Khandelwal (former CMD of Bank of Baroda), Rupa Kudwa (former MD & CEO, CRISIL) and HN Sinor (former Joint MD, ICICI Bank). The three ex-officio members will be Secretary, Department Financial Services, Secretary, Department of Public Enterprises and Deputy Governor, Reserve Bank of India.

The Banks Board Bureau, BBB is a super authority for public sector unit lenders to recommend board level appointments and advise on strategies for raising funds as well as mergers and acquisitions.

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